1 December 2013 Edition

Fianna Fáil should face test with Troika

Parties in power during finance crisis should be included in European Parliament probe, says Pearse Doherty TD

» Mark Moloney

‘I look forward to replies from the Taoiseach and current Minister for Finance but questions should also be asked of Fianna Fáil as the governing party who surrendered the state to the bail-out’

THE European Parliament is to investigate the
“non-transparent” work of the EU Commission, European Central Bank and
International Monetary Fund officials (commonly referred to as ‘The Troika’)
overseeing spending cuts in the bail-out countries of Ireland, Greece, Portugal
and Cyprus.

The unelected officials who were sent into the bail-out
states were tasked with advising the respective governments on implementing
Budget cuts and harsh austerity policies.

The work of private consultancies involved with the Troika
will also be put under the spotlight after it emerged that the Cypriot Central
Bank governor — who is also a member of the European Central Bank’s governing
council — agreed to a multi-million “success fee” for a private New York-based
consultancy firm involved in the restructuring of the Cypriot banking sector.

The Parliament’s Economic and Budget Committee says special
attention should be paid to “possible evidence of disfunctioning Troika
decision-making”.

Sinn Féin Finance spokesperson Pearse Doherty has welcomed
the probe but has called on it to extend beyond simply the current governments
in each state. “Questions need also to be addressed to Fianna Fáil as the
government of the time of the important decisions,” the Sinn Féin TD said.

Pearse also outlined how Sinn Féin contributed to the questionnaire which will be
circulated to governments, EU institutions and the IMF.

“These questions include asking the political leaders of
each country why they decided to request a financial assistance programme and
what role and function they played in the negotiation and set-up of the
financial assistance programme for your country,” he said.

“Clearly these are important questions that have never been
fully answered in an Irish context. I look forward to seeing the replies from
the Taoiseach and current Minister for Finance but these questions should also
be asked of Fianna Fáil as the governing party who surrendered the state to the
bail-out.”